Focus on people - not costs

Article Abstract:

Author/professor Tom Johnson claims that US companies are losing their global competitiveness because they are too concerned with costs and financial returns. Instead of focusing on the important issues of customers, quality and employee training, US firms are preoccupied with seeking new ways of measuring and managing costs and of assessing their short-term and long-term performance. In his book, 'Relevance Regained: From Top-Down Control to Bottom Up Empowerment,' Johnson advises companies to direct their efforts toward achieving total customer satisfaction instead of dwelling excessively on results-oriented accounting data. He maintains that the survival of a company depends on its ability to meet customer wants. Management accountants can contribute to the achievement of the customer satisfaction goal by adopting the new customer-focused management thinking in their own work.

Management, Practice, Interview, Consumer confidence, Managerial accounting, Johnson, Tom

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Calculating pension obligations

Article Abstract:

The review and interpretation of Statement of Financial Accounting Standards (SFAS) No 87 is a preliminary step that must be accomplished before an accounting of the costs a company will incur in providing pension benefits can be done. SFAS No 87 establishes the financial reporting standards for companies offering employee pension benefits. An interpretation of SFAS No 87 yields the identification of seven key information requirements, including: accumulated benefit obligation, projected benefit obligation, and net periodic pension cost. A sample computation of pension plan costs is presented to illustrate how accurate financial reporting information can be determined in accordance with Financial Accounting Standards Board rules.

Professional organizations, Standards, Column, Accounting and auditing, Accounting, Pensions, Corporation reports, Company reports, Financial Accounting Standards Board

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